EUR/USD Weekly Forecast – 02 November - 06 November

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Friday, Oct 30 2015

Euro was traded in a tighter range between 1.09 handle and 1.1050 level in the course of the last week, still influenced by dovish ECB stanzas, but area around 1.09 handle still offers plenty of support at the moment, with pair managing to rebound by the end of the week and breaking above 1.10 handle. However, area above 1.1070 level proved to be to resistive at the moment. As for next

week, with no major data from Eurozone we would be focused on US NFP figures. Pair should find some amount of support around 1.0930 level initially in the week, while area above 1.11 handle should now present a struggle since it was supportive for quite some time now. Long-term looking if wee break below 1.09 handle we would be more than willing to start selling this pair. With ECB announcing new stimulus measures and with Fed likely to raise its interest rates soon we expect that pair is likely to decline more, so buying is not an option at the moment. If we see break below 1.09 and 1.08 handle in extension we believe that next target is 1.05 handle from pair started recent rebound.

More in this category: « GBP/USD Weekly Forecast – 02 November - 06 November AUD/USD Weekly Forecast – 9 November – 13 November »

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